Baytex Energy Corp (BTE.TO) Buy, Sell or Hold

Baytex Energy Corp (BTE.TO)

7.69

+0.24 (3.22%)

as of Oct 23, 2026, 8:00:01 pm Market Closed.

729 watching

BUY

Has 3 elements, conventional, heavy oil and some natural gas. Have some cost efficiencies in place. Differential between heavy and light oil is narrowing.

BUY ON WEAKNESS

A very well-run company. The area they are working in has excellent resources. It has been helped recently by the spread between light and heavy oil. Would like to see a pullback.

TOP PICK

Likes the energy play and loves the management team. They have done a nice little financial engineering. A heavy oil company that has taken away a lot of their heavy oil exposure, yet it still gets a heavy oil discount. Right now, their payout ratio is 35%.

DON'T BUY

Not keen on heavy oil. Exposed to rises in the oil patch disproportionately to the others. They have hedged the differential, however he just doesn't like heavy oil.

HOLD

Heavy oil, so there's an extra element of risk associated with it. Not one of his favourites, but it is a good high end, good yield and represents good value.

BUY

Primarily involved with heavy oil. The market really misunderstands this company. A little more debt than he's comfotable with, but a large portion is term debt, so not as worried about that. Have an interesting arrangement with a US refinery that locks in a spread on their heavy oil. Still buying.

DON'T BUY

A heavy oil producer, so are subject to heavy oil prices. A seasonal commodity. Right now they are having a phenominal quarter and expects the same with the 3rd quarter. He tends to stay away from the seasonal stocks.

BUY

Has come off a bit and is in a Buy range. In the heavy oil side which has its own pace. Reserves are probably understated. Production problems now seem to be on side. The spread between light and heavy oil has decreased. Would expect to see some increase in the payout.

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WEAK BUY

Has an exposure to heavy oil so besides just crude oil you have to look at another price which is the differential between West Texas intermediate crude oil price and what heavy oil is trading for. It traditionally has gotten fairly large in the winter months and fairly small in the summer. There are others he likes better, but it will grow in production. Well managed.

DON'T BUY

Heavy oil producer. Reserve life is just below the average. Prefers trusts with lighter oil.

BUY

Relative to other royalty trusts the payout ratio is just slightly above average. One of the reasons valuation has been held down is dur to their emphasis on heavy oil. Has some attractive hedging.

SELL

Primarily all heavy oil, although about 70% of it is hedged. Long term would be more constructive on light/sweet oil such as Crescent Point (CPG.UN-T), Arc Energy (AET.UN-T) and Enerplus (ERF.UN-T). Would sell and switch to another royalty trust. Own in their index fund, but only because they have to.

BUY

Different than most of the other income trusts in that it is essentially a heavy oil. Have lots of reserves. Not a lot of risk for them in increasing reserves. Got hurt in the last quarter in'04 because the heavy/light oil spread widened significantly, but they have 70% of their production locked in.

DON'T BUY

Weighted more towards heavy oil. The light & heavy oil differential has widened which is a negative for heavy oil producers, but not as negative for Baytex in the short term as they have hedged that risk. The reality with heavy oil is that the net backs are lower and operating costs are higher.

HOLD

Heavy oil aspect is mitigated by their contracts south of the border to sell at a fixed spread above West Texas intermediate. Haven't done as good a job as anticipated in production. Likes the yield.

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Baytex Energy Corp (BTE.TO)